BSP Warns Public Against Text Hijacking

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BSP Warns Public Against Text Hijacking
Text HijackingSmishingPhishing
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The Bangko Sentral ng Pilipinas (BSP) warns the public about text hijacking, a method used in smishing attacks where fraudsters send malicious messages pretending to be from trusted sources.

The Bangko Sentral ng Pilipinas (BSP) warns the public against text hijacking , a method to deliver smishing attacks wherein fraudsters use a named SMS Sender IDs to send malicious SMS (“texts”).Text hijacking is a modus operandi where fraudsters insert themselves into legitimate text message conversations, making their messages appear safe by blending in with other messages from a trusted source.

This increases the effectiveness of the delivery of smishing attacks as they appear to be coming from a legitimate sender. Fraudsters spoof the sender ID of financial institutions and send smishing messages containing malicious links, aiming to gain unauthorized access to financial accounts of their victims.A notable method for executing text hijacking involves the use of International Mobile Subscriber Identity (IMSI) catchers. These devices broadcast a stronger signal than nearby legitimate cellular towers, tricking mobile phones within a specific geographical area into connecting to them instead of the real network. Once connected, fraudsters can then send SMS or text messages with malicious content or phishing links to achieve their objectives, potentially compromising sensitive information.Financial consumers are advised to: be cautious of SMS messages even if they appear to be coming from your bank, e-money provider or financial institution you receive. Remember that banks/e-money issuers will NEVER ask you to click a link sent through email or SMS to execute transactions that you did not initiate. You may go directly to mobile or internet banking facilities for any transactions with your bank/e-money issuer; and report any suspicious SMS messages and/or activities involving your bank/e-money accounts to your bank/e-money provider immediately

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